Augusto Hidalgo, a well-known figure from the Philippine and Southeast Asian reinsurance market is joining Willis Towers Watson (WTW) having been appointed to the role of Head of Capital, Science and Policy (CSP), South East Asia.
Hidalgo joins the WTW Capital, Science and Policy practice from his most recent role as CEO of the National Reinsurance Corporation of the Philippines (Nat Re).
His work in the Philippines in particular has seen Hidalgo collaborate with multi-lateral institutions and development banks, involving discussions regarding parametric insurance facilities for the country and even the long-standing talk of Philippine catastrophe bonds.
Based in Manila, Philippines, Hidalgo has specific expertise in the application of insurance risk transfer for climate and disaster risk financing, especially in climate vulnerable regions of the world.
In his new role at WTW, Hidalgo will be tasked with leading initiatives with stakeholders including development banks, UN agencies, governments, regulators and other public and private sector institutions, across the areas of climate and environmental resilience.
Working alongside the global Capital, Science & Policy team at Willis Towers Watson (WTW), he will also help to drive public-private partnerships, aligned with the strategic objectives of WTW across the Southeast Asia region.
Rowan Douglas, CEO and global head of CSP, at Willis Towers Watson, commented on the news, “The addition of Augusto to our team is timely as we see climate risk rising to the top of the commercial and public policy agenda around the world. Corporates are increasingly including climate risk in their business planning, and if managed correctly, this presents an opportunity to create a commercial advantage for their business. However, climate risk does pose a significant threat to business continuity if organisations do nothing. Markets, public policymakers, partners/collaborators and competitors are all adjusting, at varying paces, to the climate realities as data, metrics/methodologies, and regulatory regimes take shape.”
Hidalgo spent five years working for reinsurance entity Nat Re in the Philippines, working closely with entities such as the Asian Development Bank, World Bank and other multi-lateral development agencies.
This included supporting the government in its work on climate and disaster related risk transfer programmes.
Before joining Nat Re in the Philippines, Hidalgo was the head of M&A for reinsurance firm Peak Re in Hong Kong.
Hidalgo’s experience in the Philippines and his work with the World Bank and other entities will be valuable to the WTW CSP team, as they look to put the broking group’s broader expertise to work in climate and disaster related risk transfer and insurance, including in transactions that leverage the capital markets.
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